According to AdAge …
JC Penney is ramping up its promotional messaging in the wake of a dismal first quarter.
The retailer has added "Best Price Fridays" to its calendar
Certain products are marked down on those days, and the lower prices are in effect until the product sells out.
"The additional Best Price Fridays equates to adding promotions and is a step away from the company’s pricing strategy, suggesting that the company is willing to forgo its original thinking."
Store associates also have been instructed to place stickers with new prices for best price and month-long value items next to, rather than on top of, original prices.
The new approach will better highlight savings for customers so that they can … "Do the Math" .
"The change in strategy is an admission that the company’s existing pricing strategy has flaws — less than 120 days since Ron Johnson’s new model took course on Feb. 1."
In discussing first-quarter results, executives admitted there has been confusion surrounding its pricing strategy and lack of coupons.
Shocker: Shoppers like deals and find it incredible (i.e. not credible) when a promotions-intensive retailer claims to have “seen the light”.